Chinese origin iron ore prices go down
2023-04-18 08:27:38 [Print]
BEIJING (Asian Metal) 18 Apr 23 - Chinese origin iron ore suppliers cut their prices this week because of the price decrease of imported iron ore at ports and the downward price trend in international market. The current mainstream prices of iron ore fines 65%min stand at RMB1,043-1,053/dt (USD152-153/dt) Inc-VAT EXW D/A 180 days in Zibo, and those of iron ore fines 66%min hover at RMB900-910/dt (USD131-132/dt) Inc-VAT EXW D/P in Benxi, down by RMB7/dt (USD1/dt) and RMB40/dt (USD6/dt) respectively compared with those of last week. Insiders expect Chinese origin iron ore prices to go down by another RMB20/dt (USD3/dt) in the coming week due to weak demand from steel mills.
A producer of iron ore in Shandong province quotes RMB1,053/dt (USD153/dt) Inc-VAT EXW D/A 180 days in Zibo for iron ore fines 65%min with no concessions at present, down by RMB7/dt (USD1/dt) from last week. "Seeing prices of Australian iron ore fines 62%min in Qingdao port dropped by RMB10/t (USD1.45/t) last week to RMB883/t (USD128/t), we reduced the price by RMB7/t (USD1/t) this week," explained the producer. According to him, he just sold about 3,500t on Monday at RMB1,053/dt (USD153/dt) and 3,500t last Friday at RMB1,060/dt (USD154/dt). The producer predicts that Chinese origin iron ore prices would decrease by another RMB20/dt (USD3/dt) in the coming week because of soft demand from steel mills.
Based on the annual production capacity of around 1.5 million tonnes, the company produced around 100,000t in March and expects the output to rise to about 100,000t this month. Having an inventory of about 20,000t in hand now again zero stock last month, they produced about 1.05 million tonnes in 2022 and around 245,000t in the first quarter of 2023.
Another iron ore producer in Liaoning told his quotation for iron ore fines 66%min stands at RMB906/dt (USD132/dt) Inc-VAT EXW D/P in Benxi without any discounts now, down by RMB40/dt (USD6/dt) compared with that of last week. "We cut the price by RMB40/dt (USD6/dt) this week due to the price decrease of imported iron ore at ports and the downward price trend in international market last week," said the producer, who just sold about 1,000t on Monday at RMB906/dt (USD112/dt) and 1,000t last Friday at RMB946/dt (USD138/dt). The producer expects Chinese origin iron ore prices to further fall by RMB20/dt (USD3/dt) in the coming week dragged by weak demand from steel mills.
Based on the annual production capacity of around 400,000t, the company produced about 20,000t last month and would expand the production to around 30,000t in April. Having zero stock in hand now, unchanged from last month, they produced about 260,000t in 2022 and around 51,000t in the first quarter of this year.
A producer of iron ore in Shandong province quotes RMB1,053/dt (USD153/dt) Inc-VAT EXW D/A 180 days in Zibo for iron ore fines 65%min with no concessions at present, down by RMB7/dt (USD1/dt) from last week. "Seeing prices of Australian iron ore fines 62%min in Qingdao port dropped by RMB10/t (USD1.45/t) last week to RMB883/t (USD128/t), we reduced the price by RMB7/t (USD1/t) this week," explained the producer. According to him, he just sold about 3,500t on Monday at RMB1,053/dt (USD153/dt) and 3,500t last Friday at RMB1,060/dt (USD154/dt). The producer predicts that Chinese origin iron ore prices would decrease by another RMB20/dt (USD3/dt) in the coming week because of soft demand from steel mills.
Based on the annual production capacity of around 1.5 million tonnes, the company produced around 100,000t in March and expects the output to rise to about 100,000t this month. Having an inventory of about 20,000t in hand now again zero stock last month, they produced about 1.05 million tonnes in 2022 and around 245,000t in the first quarter of 2023.
Another iron ore producer in Liaoning told his quotation for iron ore fines 66%min stands at RMB906/dt (USD132/dt) Inc-VAT EXW D/P in Benxi without any discounts now, down by RMB40/dt (USD6/dt) compared with that of last week. "We cut the price by RMB40/dt (USD6/dt) this week due to the price decrease of imported iron ore at ports and the downward price trend in international market last week," said the producer, who just sold about 1,000t on Monday at RMB906/dt (USD112/dt) and 1,000t last Friday at RMB946/dt (USD138/dt). The producer expects Chinese origin iron ore prices to further fall by RMB20/dt (USD3/dt) in the coming week dragged by weak demand from steel mills.
Based on the annual production capacity of around 400,000t, the company produced about 20,000t last month and would expand the production to around 30,000t in April. Having zero stock in hand now, unchanged from last month, they produced about 260,000t in 2022 and around 51,000t in the first quarter of this year.
